AZ: Phoenix Foreclosures Account for 43% of Home Sales

Foreclosures accounted for 43 percent of January’s home sales in the Phoenix area, bouncing up from about 30 percent of single-family resales in the last few months of 2010.

The latest report from Arizona State University’s W.P. Carey School of Business also reports that more than 3,600 single-family homes were impacted by foreclosure proceedings in January, up from less than 2,500 in December.

Meanwhile, Zillow reports today that 70 percent of Phoenix-area mortgages are underwater.

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Full Story from The Phoenix Business Journal

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